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Compare current 10-year refinance rates

On Saturday, June 22, 2024, the national average 10-year fixed refinance APR is 6.35%. The average 10-year fixed mortgage APR is 6.35%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

Current 10-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive refinance rates. This interest rate table is updated daily to give you the most current rate when choosing a refinance home loan.

Product Interest Rate APR
10-Year Fixed 6.28% 6.35%
15-Year Fixed 6.43% 6.51%
20-Year Fixed 6.74% 6.79%
30-Year Fixed 6.94% 6.99%

Rates as of Saturday, June 22, 2024 at 6:30 AM

Refinancing to a 10-year loan might be worth it if you’ve already paid off a considerable portion of your mortgage or want to aggressively pay down your loan — even more so if you can get a lower rate. Although rates differ from lender to lender, 10-year refinance rates are generally lower than the rates on other terms, like 15- or 30-year mortgages.

When thinking about refinancing to a 10-year mortgage, consider these pros and cons:

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Pros of a 10-year refinance

  • Relatively lower interest rates
  • Shorter repayment term and faster payoff
  • Less interest paid overall
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Cons of a 10-year refinance

  • Potential for higher monthly payments, which could impact monthly budget or ability to save or invest

How to refinance into a 10-year loan

  1. Check your finances: Refinancing to a 10-year mortgage — especially if you currently have a 30-year loan — could result in a much higher monthly payment. Use our mortgage refinance calculator to estimate your new monthly payment.
  2. Shop multiple lenders: Our refinance rate table allows you to comparison-shop loans and find the best fit for your needs.
  3. Get your paperwork in order: Organize all of your documents, including current mortgage statements. This’ll help make the refinance process easier and faster when you’re ready to apply.
  4. Apply: This step involves completing paperwork and underwriting and getting a home appraisal.
  5. Close the loan: Unless you’re rolling the refinance fees into the new loan, you’ll need to pay these on closing day. Refinance closing costs are typically cheaper than the closing costs for a home purchase, but vary by location, loan size and other factors.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Rating: 4.94 stars out of 5

4.9

1064reviews

FAQ about a 10-year refinance

Here’s how a 10-year fixed-rate mortgage stacks up against other popular mortgage types:

  • 10-year vs. 15-year refinance: A 10-year mortgage pays back the same loan amount five years faster than a 15-year mortgage. This means you’ll have a higher monthly payment, but pay less interest in total.
  • 10-year vs. 30-year refinance: Because a 10-year mortgage pays the loan off three times as fast as a 30-year mortgage, the monthly payment is much larger. Still, you’ll pay less interest and have a lower interest rate with the 10-year loan.
  • 10-year fixed vs. 10/1 ARM refinance: A 10/1 ARM is a 30-year adjustable-rate mortgage that offers a low, fixed interest rate for the first 10 years, with the rate adjusting annually for the remaining 20 years of the loan. With a 10-year fixed-rate mortgage, you’ll pay off the loan in 10 years with the same interest rate throughout the term.

Additional refinance resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita